CME Group to lay off 3% of its workforce, reallocate positions

[July 22, 2023]  (Reuters) - CME Group, the world's largest derivatives exchange, eliminated about 100 positions, or 3% of its workforce, this week while reallocating some positions, a spokesperson said on Friday. 

CME Group Inc logo is seen displayed in this illustration taken April 10, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

"The company plans to reallocate the majority of those positions to new, cloud-focused technology roles," the spokesperson said in an emailed statement, adding that the overall headcount will remain the same.

The spokesperson declined to comment on how many people would be reallocated or whether CME will hire additional people to maintain headcount.

The 125-year-old exchange and clearinghouse operator joins major Wall Street banks in cutting headcount after two regional U.S. lenders collapsed in March, the industry's biggest crisis since 2008.

After positive quarterly results in April, Chief Executive Officer Terry Duffy cited "shifting perceptions about the Fed's near-term rate path as well as significant banking concerns in March."

Chicago-based CME operator is to announce second-quarter results on Wednesday.

(Reporting by Yana Gaur and Urvi Dugar in Bengaluru; Editing by William Mallard)

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